Idaho § 56-1105 REQUIRED ACCOUNT FEATURES — MATCHING MONEYS

Idaho Statutes

§ 56-1105 — REQUIRED ACCOUNT FEATURES — MATCHING MONEYS

Idaho § 56-1105

Title 56PUBLIC ASSISTANCE AND WELFARE

Ch. 11IDAHO FAMILY ASSET BUILDING INITIATIVE

This text of Idaho § 56-1105 (REQUIRED ACCOUNT FEATURES — MATCHING MONEYS) is published on Counsel Stack Legal Research, covering Idaho primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Idaho Code § 56-1105 (2026).

Text

(1)The fiduciary organization shall structure the accounts to have the following features:

(a)The fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization. The fiduciary organization shall deposit not less than one dollar ($1.00) nor more than five dollars ($5.00) into the account for each one dollar ($1.00) deposited by the account holder.

(b)The matching deposits by the fiduciary organization to the individual development account are placed in a savings account that is controlled by the fiduciary organization and held separately from the savings account of the account holder.

(2)Deposits by a fiduciary organization to an account shall not exceed three thousand dollars ($3,000) in any twelve (12) month peri

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(1) The fiduciary organization shall structure the accounts to have the following features:
(a) The fiduciary organization matches amounts deposited by the account holder according to a formula established by the fiduciary organization. The fiduciary organization shall deposit not less than one dollar ($1.00) nor more than five dollars ($5.00) into the account for each one dollar ($1.00) deposited by the account holder.
(b) The matching deposits by the fiduciary organization to the individual development account are placed in a savings account that is controlled by the fiduciary organization and held separately from the savings account of the account holder.
(2) Deposits by a fiduciary organization to an account shall not exceed three thousand dollars ($3,000) in any twelve (12) month period.
(3) The total amount paid into an individual development account during its existence, including amounts from deposits, matching deposits and interest or investment earnings, may not exceed twenty thousand dollars ($20,000).
(4) Nothing in this chapter shall be construed to create an entitlement to matching moneys. The number of individuals who may receive disbursement of matching philanthropic moneys by sponsoring organizations pursuant to the provisions of this chapter shall necessarily be limited by the amount of philanthropic moneys available in any given year for such purpose.